National Grid 2008 Annual Report Download - page 394

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 50603
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.7.1, Doc: 8, Page: 51
Description: EXH 2(B).7.1
0/2805.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/805/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 50603
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.7.1, Doc: 8, Page: 51 Description: EXH 2(B).7.1
0/2805.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/805/2*
51
permanent Global Instrument is a CGN, presentin
g
the permanent Global Instrument for notation. Where the Global
Instrument is an NGN, the relevant Issuer shall procure that details of such exercise shall be entered pro rata in the records
of the relevant clearin
g
s
y
stem and the nominal amount of the Notes recorded in those records will be reduced accordin
g
l
y
.
8 NGN nominal amount
Where the Global Instrument is an NGN, the relevant Issuer shall procure that any exchan
g
e, payment, cancellation,
exercise of any option or any ri
g
ht under the Instruments, as the case may be, in addition to the circumstances set out
above shall be entered in the records of the relevant clearin
g
systems and upon any such entry bein
g
made, in respect of
payments of principal, the nominal amount of the Instruments represented by such Global Instrument shall be adjusted
accordin
g
l
y
.
9 Trustee’s Powers
In considerin
g
the interests of Instrumentholders while any Global Instrument is held on behalf of a clearin
g
system, the
Trustee may have re
g
ard to any information provided to it by such clearin
g
system or its operator as to the identity (either
individually or by cate
g
ory) of its accountholders with entitlements to such Global Instrument and may consider such
interests as if such accountholders were the holders of the Instruments represented by such Global Instrument.
10 Events of Default
Each Global Instrument provides that the Trustee, at its discretion, may, and if so requested by holders of at least one-
quarter in nominal amount of the Instruments then outstandin
g
or if so directed by an Extraordinary Resolution, shall cause
such Global Instrument, or a portion of it, to become due and repayable in the circumstances described in Condition 9 by
statin
g
in the notice to the relevant Issuer the principal amount of such Global Instrument which is becomin
g
due and
repayable. If principal in respect of any Instrument is not paid when due, only the Trustee may enforce the ri
g
hts of the
Instrumentholders a
g
ainst such Issuer under the terms of the Trust Deed unless the Trustee, havin
g
become bound to
p
roceed, fails to do so within a reasonable time and such failure is continuin
g
.
11 Notices
So lon
g
as any Instruments are represented by a Global Instrument and such Global Instrument is held on behalf of a
clearin
g
system, notices to the holders of Instruments of that Series may be
g
iven by delivery of the relevant notice to that
clearin
g
system for communication by it to entitled accountholders in substitution for publication as required by the
Conditions or by delivery of the relevant notice to the holder of the Global Instrument.
12 Partly Paid Instruments
The provisions relatin
g
to Partly Paid Instruments are not set out in this Prospectus, but will be contained in the relevant
Final Terms and so in the Global Instruments. While any instalments of the subscription moneys due from the holder of
Partly Paid Instruments are overdue, no interest in a Global Instrument representin
g
such Instruments may be exchan
g
ed
for an interest in a permanent Global Instrument or for Definitive Instruments (as the case may be). If any Instrumentholder
fails to pay any instalment due on any Partly Paid Instruments within the time specified, the relevant Issuer may forfeit such
Instruments and shall have no further obli
g
ation to their holder in res
p
ect of them.